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Over 35 firms took part in the event to support the campaign IUAD, which is an Alzheimer’s Society initiative supporting people with dementia.

The initiative was championed by insurance sector leaders who joined the movement to help make their businesses dementia friendly, with the aim of raising £10m over the next five years.

The Alzhemer’s Society cited that 850,000 people living in the UK have dementia, and it costs the UK economy over £26bn per year, equating to £30,000 per person.

Among those that support the Day of Giving were Admiral, Ardonagh, Aviva, CNA Hardy, CII, Ecclesiastical, JLT Specialty, QBE, Zurich, Aston Lark, Bollington, Autonet Insurance and The AA.

Covea is one of the insurers which supports the campaign. In January the firm launched a three-day trek headed by Simon Cooter commercial lines and HNW director.

Day of Giving

The Day of Giving is part of the IUAD campaign.Andy Tedstone, broking and placement director at PIB Insurance and IUAD board member, said:“When we first came up with the concept of an industry Day of Giving, I had no idea that it would take off like this. It has been both inspiring and humbling to see colleagues from all reaches of the sector making the time to raise funds and awareness for this important cause.

“It just goes to show that when our industry unites, we really can effect positive change. Thanks to everyone’s extraordinary efforts, we will be able to put more scientists behind desks, moving us closer to treatments and a cure for dementia.”

Money raised through the Day of Giving on 8 November this year, will go towards the UK Dementia Research Institute, which was co-founded and funded by Alzheimer’s Society, it opened earlier this year.

Impact

The impact of the Day of Giving has been felt across the sector, Adam Reed, global client relationship director at Willis Towers Watson, recently shared a video of how his family was impacted by dementia after his father was diagnosed with is 18 months previously.

Reed said: “Together and as an industry, we are making a difference to beat a condition which can devastate lives.

“Sadly, while it may be too late for my father to benefit from new breakthroughs in research, the incredible work to find new treatments and a cure and the work that the sector is doing to unite against dementia will help so many others in future.”

Future

Tim Shakespeare, research manager at Alzheimer’s Society, hopes to tackle this issue of dementia rising through research.

“But we’re desperately underfunded compared to other terminal conditions. By uniting together, the insurance industry has been able to make a huge difference in just 24 hours. Because of you, we’re able to put more dementia researchers into labs, who will bring hope closer for everyone affected by dementia – thank you to everyone who took part,” he added.

He said that currently the firm is “at the tipping point” but with the right investment it can deliver better treatment.

The next Insurance Day of Giving 2019 will take place on Thursday, 7 November.